A Brief Analysis of E-Commerce and Its Role in the Modern Economy

How we go about buying things has changed significantly in the past decade, due to the innovations of digital technology in retail. One of the most significant changes in technology for businesses has been the transition from purely in-store purchases to multiple easy-to-access avenues (or channels) among retailers, manufacturers, suppliers, financial companies & banks, and most importantly, consumers.

Sujai Shriram
Sujai Shriram

The speed of shopping has increased so substantially that consumers are driving a need for the reconfiguration of supply chain management to handle the demand of orders! E-Commerce, or now commonly referred to as digital commerce, has not only changed the way we shop, it has significantly changed the drivers of our economy. Twenty years ago, no one would have imagined shopping could be completed without setting foot in a store!

As much as technology has brought us convenience, access, security, and joy to the way we shop; it is not without its own set of challenges. One major issue continues to be how well each retailer understands their customers, their ability to predict or learn what their customers are looking for, and to close the sale. Additionally, servicing customers before, during, and after each sale has become a significant differentiator for retailers to gain customer satisfaction; and in turn, loyalty, in this era where the customer is spoilt for choice and increasingly hard to please. Sujai Shriram, a Digital Marketing consultant & Project Manager for Crossview, Inc., helps retailers and brand marketers strategize and execute the implementation of omni-channel solutions for their brands.